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My father had a living trust, and passed away on February 29, 2021. I would like know what to do from here, regarding the trust.
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The first step is to consult with an attorney who handles trust administrations so that he/she can review the terms of the trust with you, advise you of your fiduciary duties and required actions under the terms of the trust and the probate code, and help you to begin the trust administration process. You should also consult with a tax professional to see if there are any tax issues that need to be addressed.
Answered on Apr 12th, 2021 at 7:19 AM
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When your father died, the trust became irrevocable. After paying the costs of his last illness and disposition of his remains (if these were not separately provided for), distribute the trust property according to the terms of the trust and terminate the trust. Note that you will now need an EIN for the trust, available at www.irs.gov.
Answered on Apr 12th, 2021 at 5:10 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.